Quarterly Financial Report
Third Quarter of FY 2021-2022
Riverside Park Golf Course Fund Current Financial Condition
Riverside Park Golf Course Fund accounts for all transactions generated by the operations of the City’s Riverside Park Golf Course. Revenue include golf fees, capital surcharge fees, golf gear/clothing, food, non-alcoholic beverage, and beer sales. Expenses include operational and capital cost for the club house and golf course.
The Riverside Park Golf Course Fund third quarter financial report reflects an ending undesignated working capital balance of $737K, which represents approximately 8 months of the Riverside Park Golf Course Fund 2022 budgeted operating expenditures ($444K in excess reserve – above the 3-month minimum fund balance reserve policy). The projected ending fund balance is 16 percent or $136K less than the amended year-end working capital balance of $873K.
At the end of the third quarter, revenues exceed expenses by $27K, primarily due to a decrease in annual membership and expenses coming in over budget (budgeted net nevenues of $180K through third quarter).
Revenues vs Expenditures
- Golf Sales are projected to come in under budget due to a decrease in membership fees collected.
- Beverage sales are projected to come in over budget due based on current sales trends.
- Food and Merchandise sales are projected to come in over budget based on current sales trends.
- Capital Replacement Surcharges are projected to come in over budget due to a slight increase in golf rounds played.
- Personnel Costs are projected to come in over budget due to department reorganization and increased hours for part-time staff.
- Supplies are projected to come in under budget due to small tools.
- Maintenance is projected to come in under budget due to timing of software purchased in FY22.
- Contractual Services are projected to come in over budget due to credit card fees.
- Costs of Goods Sold are projected to come in over budget due to trends in sales.
- Golf Sales are coming in under budget due to a decrease in membership fees collected.
- Food, Beverage, and Merchandise sales are coming in over budget due to a slight increase in golf rounds played.
- Capital Replacement Surcharges are coming in over budget due to fees paid with annual passes. This variance will decrease further into the fiscal year.
- Personnel Costs are coming in over budget due to department reorganization and increased hours for part-time staff.
- Supplies are coming in over budget due to chemicals and small tools.
- Maintenance is coming in under budget due to the software maintenance line item. The GPS system in carts has not been implemented, therefore, there will be no related software maintenance costs until such time.
- Contractual Services are coming in over budget due to encumbering annual lease contracts at the beginning of the fiscal year.
- Cost of Goods Sold is coming in over budget due to sales trends.
Budget Amendments
As of the third quarter of FY 2021-22, the Riverside Park Golf Fund Budget has been amended once in the amount of $9.8K for the FY 2020-21 carryover encumbrances (these encumbrances were not included in this financial report since the funding for the FY 2020-21 encumbrances came from prior year reserved fund balance of $9.8K).
As of the second quarter of FY 2022, the Riverside Park Golf Course Fund had 1 vacancy out of 10 approved full-time positions.